India-Iraq SIGNS agreements, India offers $20 billion deals but no word from Iran

Petroleum minister Dharmendra Pradhan made the investment offer in Teheran on Saturday during a meeting with his Iranian counterpart Bijan Namdar Zanganeh.

Pradhan is on a two-day visit and is followed with a small business delegation, including ONGC Videsh MD N K Verma and IndianOil chairman B Ashok.

In accordance with agency reports, Zanganeh supported the Indian offer but said achieving deals was “a tough job and needs time”. He was now sending 350,000 barrels per day. and explained Iran was looking at regaining its market share of petroleum exports.

Iran continues to be replaced by Iraq as India’s second biggest petroleum supplier after Saudi Arabia as sanctions driven Indian refiners to cut cargoes from Teheran.The problem of clearing $6.5 billion petroleum dues Indian refiners owe to Iran was also discussed.

The statement said both sides also “discussed the developments regarding Farzabb gas fields and expressed assurance on concluding an arrangement in the first.”

During his assembly, Pradhan sought land in the favourable and SEZ treatment in pricing of gasoline for India and competitive cost on long term foundation for the life of the planned joint venture undertakings to create them appealing for future investors.

This is the initial visit by an Indian minister because the United States along with other western powers revoked sanctions against Iran.